The Organization of Petroleum Exporting Countries “OPEC” announced that the price of OPEC basket consisting of 13 crude reached 28.21 dollars a barrel yesterday, compared to 26.54 dollars last Friday, according to the accounts of the OPEC Secretariat, and includes the OPEC basket, which is a reference in the level of production policy “crude” Sahara, Algerian and Iranian heavy, Basra and the Iraqi crude export Kuwaiti crude Seder Libyan crude Pune Nigerian crude Arab light Saudi crude Venezuelan Girassol Angolan and Orient Ecuadorian and Zafiro Equatorial Guinea Raby light Gabon ore Jeno Congo and Murban Emirati. ”
Oil prices rose for the fourth consecutive session on Tuesday, amid signs that producers are reducing production as promised and improving demand, with more countries easing restrictions to tackle the Corona pandemic.
And Brent crude was up 25 cents, or 0.7 percent, to $ 35.06 a barrel, after having earlier touched its highest level since April 9.
US West Texas Intermediate crude increased 43 cents, or 1.4 percent, to $ 32.25 a barrel. The price had risen to $ 33.44 earlier in the session, peaking since March 16, according to Reuters.
The June West Texas Crude contract is due today, but there is little indication of a repeat of the unprecedented decline to below zero that occurred a month ago, on the eve of the May contract, amid signs of improved demand for crude and fuel.
The market was earlier supported by indications of the implementation of production cuts agreed by the Organization of Petroleum Exporting Countries (OPEC) and others, including Russia, in what is known as the OPEC + alliance.
OPEC + cut its oil exports sharply in the first half of May, according to companies monitoring shipments, signaling a strong start to comply with the new production cut deal.